Payments Network Malaysia (PayNet) has expanded the services of DuitNow ecosystem to include DuitNow Request, a service that allows a payee to send an electronic request to collect payment from a payer either through mobile or MyKad number with Standard Chartered Malaysia becoming the first bank to adopt this collection service. Their customers can now send payment requests to each other via the Bank’s SC Mobile app.
DuitNow Request is expected to be rolled out for use by government bodies and businesses as well to send tax, assessment and invoice requests. Recipients will receive a notification to review the payment requests through their preferred bank to make the payments. Payment requests will also come with basic information on the payment details for the payer’s reference.
The adoption of DuitNow Request is expected to become more widespread as other financial service providers begin incorporating it into their digital banking platforms. The consolidation of requests and payments into a single ecosystem enables the ease of reconciliation for users while payers will get real-time notification for each successful transaction.
Lai Pei Si, Head of Consumer, Private and Business Banking at Standard Chartered Malaysia, said the service will provide a more seamless payment and collection process in the government’s push for cashless transaction facilities to be the main option at public sector agencies. With digital payments recording exponential growth, services such as DuitNow Request will be crucial in enabling real-time payments and high-volume transactions.
“For a time now, Malaysian consumers have been shifting towards digital payments. Here at the Bank, we’ve witnessed an 87% year-on-year growth in this area and found that four out of every five Malaysians expect the nation to go fully cashless. Hence, be it via supporting public initiatives or working with fintech companies to come up with digital solutions, our focus remains on ensuring a smooth and secure journey for users throughout the payment process,” she said.
Khairuan Abdul Rahman, Director, Retail Payment Services at Payments Network Malaysia commented, “At PayNet, our focus is to deliver innovative, secure, convenient and fast e-payments solutions so that customers of our ecosystem participants can enjoy seamless interactions and access to a wider array of payment capabilities. Standard Chartered Bank has paved the way as the first to adopt DuitNow Request. We expect more DuitNow ecosystem participants to introduce this new feature in the coming months as we transform the payment experience of DuitNow users and accelerate the nation’s adoption of epayments.”
Businesses can expect to benefit from improved efficiency of payment collections by just sending payment requests to their customers’ DuitNow ID, which can either be the mobile number, or MyKad number. For customers, they can enjoy the convenience of a consolidated view of such payment requests via their Internet or Mobile Banking and make payments instantly.
Operated by PayNet, DuitNow Request is new addition to the DuitNow ecosystem after the successful launch of DuitNow Transfer and DuitNow QR in promoting interoperable fund transfers and QR payments, propelling the DuitNow service lineup to yet another milestone which provides a secure, convenient and faster way to make payments